when you talk about ethical government ferc is a great example of conflicts that exist. every single person on that board serves formally in the oil and gas industry. so there is an inherent conflict there to begin with. when you look at last year's approvals of pipe lines in this country, it was close to, i don't think they rejected one. it was 100% approval rate. when you think about conflicts and where to start on reforming the process, it would be creating program terse around who and what can serve on those types of boards. they can be honest brokers looking at a project based on need and not for whichever company is applying. that's the starting point and that is one of our arguments in front of ferc that we're in front of now. >> i'm a social studies teacher. i want to go back to your comments about school board politics. there is a newark race heating up now. there is a lot of contention over the state superintendent and so as the mayor of another large city i was wondering about your thoughts on that. would it help newark if they got local control back? >> i don

we have what's called the federal energy -- the ferc. it's a regulatory commission for energy, and it's made up of guys who are desk jockeys, former fbi agents that have never been down range, they're not trained in unconventional warfare. they took a class for two days or three days and now they're putting them in charge of this energy commission? it's ridiculous. >> you say when you do a report, assessing the vulnerabilities of these particular substations or transmission centers, what happens to those reports? >> they sit on a desk. they get looked at and tossed around and they say, wow, these recommendations are too costly, or we're not going to do them because they're going to affect our bottom line. that's usually what happens. if you look at this building, there are cameras everywhere. but a camera without a person behind it is a dead camera. you can't take a person that worked on walmart yesterday and looked at a camera and make them a security expert. that's what we see in the fbi with these programs. this transmission that took

you don't hear a lot of ferc talk in washington. i want to turn to presidents' day and play something that goes aways. lbj talking to mlk in 1965 about the war on poverty and talking about the votes he was trying to get, not exactly frank underwood, but getting 40 some votes in the senate, working toward full employment, their idea of economic stimulus. take a listen to this here on presidents' day. >> the country's got to stand up and support what i'm doing. and i can't have these poverty things hitting me 43-43. >> yeah. that's right. >> 43-42. that's too close for the united states senate. >> that's right. >> and i've been seeing you on television every night. you make a reasonable and fair, just thing. but i think you ought to say that the president recognized this thing months ago and has talked to you about it. but we can't wait. and we've got to have some these housing programs. and we've got to get rid of these ghettos. and we've got to get these children out from where the rats eat on them at night. we've got to get them so

it's all concerning to jon wellinghoff a former chairman of ferc. >> this was an organized coordinated attack done in a way that was extremely well planned and executed. and that's been confirmed for me by people from the department of defense. this is the most significant attack on the electric grid that ever happened in the united states. >> back in november mark johnson expressed similar concerns. the fbi says it's still investigating but so far has no evidence that terrorists were involved. no one has ever claimed responsibility. >>> happening today in san jose, an arson suspect scheduled to enter a plea. police say 48-year-old patrick william brennan has admitted starting a series of fires last month. one of them did $5 million of damage to a warehouse. brennan has a history of arson convictions. >>> a man suspected of kicking a woman in the head and robbing her in san francisco is due in court today, as well. the crime was recorded last june by a surveillance camera. christopher porter-bailey of oakland has pleaded not guilty to charges connected to the attack which happened duri

and ferc sought to single out masters in that complaint for making false statements to ferc in priorhough it ended up just being a settlement with the bank and not naming mastzers specifically. the department of justice opened an investigation into that alleged manipulation. we haven't seen a resolution from that investigation yet but, of course, that could carry some criminal charges as well if they do find something there. the commodities unit of jpmorgan, being sold, kate kelly was reporting. she was going to join the cfdc advisory panel. controversial for an executive that has been at the heart of so many investigations in the past year. and she's now stepping off of that board. just a day later. >> you might say poacher turned game keeper. thank you very much. >>> social star for linkedin announcing acquisition of bright.com today for $120 million. jon fortt is here to explain what that means. >> it means linkedin is investing in the future on big data and also in other areas. talked a lot about china wanting to push harder there. that's an area of potential growth for them. tal

point out that it is the responsibility of market regulators, the cftc, the sec and in some cases ferc to priscilla actions with respect to market manipulation. we would of course cooperate in any investigation, but they do have primary responsibility but we are thoroughly reviewing our policies in this area. >> that is great to hear. one other quick question. section 956 of the dodd-frank wall street reform and consumer protection act requires the federal financial regulators issue a rule requiring big banks to disclose the incentive based compensation agreements for employees who can expose the banks to excess of losses. there is an article by gretchen morganson in the times a couple weeks ago. where are we on fat? you are in the rulemaking process. do you agree with that approach and where are we on that rulemaking process? >> we did put into effect supervisory guidance with respect to compensation in the banking organizations that we supervise and have engage in horizontal reviews and i believe there have been improvements in the compensation, incentive compensation practices in th

export permits, they could just declare as 2005 requires that 90 days after ferc approves a permit is going to go through. on the pipelines, the pipeline cannot be named, i think they could just move a lot more quickly or you might even see the administration move that authority for cross-border pipelines. maybe the state department doesn't want it. >> how do you feel and is there one thing you would like to seekonk tackle here. >> talking about the realm of the possible, we certainly would put energy efficiency at the top of the list. if we are talking wish list, we would love to seekonk engage on greenhouse gases and draw lines around what the e.p.a. is doing and give them a reasonable path forward. we support it. but that's at or near the top of my wish list. >> i know a lot of things you would like to seekonk do, but how in the world of the possible? >> focusing on efficiency is important. there is an opportunity most people agree on it. creating jobs would be a good thing. also a consistent policy on reables, tax credit that kept renewables going. unleash clean energy would be im